Bob Plain is the editor/publisher of Rhode Island's Future. Previously, he's worked as a reporter for several different news organizations both in Rhode Island and across the country.

4 responses to “Magaziner uses ‘shareholder revolution’ to effect progressive change”

  1. Polly Tickes

    Some facts you need to print instead of erroneous ones.
    There is not 8 B in the pension..
    It barely went up from 7.5 to 7.6B. You guys are lazy and just accept what someone tells you rather than research.

    Magaziner is an extension of Yalie I. He is not transparent in the pension, is derelict in his official capacity of fiduciary-does not exercise due diligence fiduciary care or the pension fund would not continually be losing a million dollars a day.

    The inept clone of his predecessor should be getting rid of the bad investments in the pension, not write letters that are ineffective and do nothing or try to attack big oil company lobbyists. He is an experienced dunce in how to manage the fund so he does these side job social BS activities to buikd up a resume he doesn’t have.
    He should have gotten rid of Point Judith since it’s draining the pension. It has been losing money for years as raimondo collects her 2.5% or 125K every year in fees. It does not matter how the fund is doing, she will continue to get in her 11th year of a 10 year investment another 2.5% and the same will happen in year 12…This is just one example of the incompetency of this idiot running one of the most important depts in state government.
    He did not risk analysis when he first got the job. He did no audit of the fund-even raimondo audited Caprio when she first became treasurer. He has done nothing to change the unattainable unrealistic 7,5% rate of return. The fund of just 7.6 billion has never reached it nor will it in the future. All it does is keep to a minimum what the state has to pay in the ARC and they are not even paying that. Look at the SIC reports and see he is continuing the damage started by the fraud – the one and done governor and so is the “Kid” Ira’s son, -he too is one and done…
    But please when you mention how much is in t he pension fund, don’t write $8B for it has not had that amount in it since the Caprio treasury days. These 2 Yalies have put the pension at risk and Magaziner needs to be sued for his continual lack of due diligence as chief fiduciary of the people’s money. He lacks transparency just as the 33 year old who never had a real job in his life, lacks experience in this job.

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    1. Polly Tickes

      And the letters he writes are meaningless and ineffective-the votes are just a statement-nothing else ;the pensioners would rather he focus on eliminating funds like Point Judith Capital, losing money and raimondo’s other poor performing hedgefunds for political & election gain; she probably by design helped her Wall St-hedge fund pals unload their bad investments on ERSRI

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  2. cailin rua

    Is this journalism or an infomericial for neoliberalism? Isn’t the term “activist investor” an oxymoron? David Einhorn and Daniel Loeb spring to mind. Carl Ichan is considered an “activist investor”. There is no such thing as investor activism. This is pure nonsense.

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  3. cailin rua

    I found this curious regarding “socially responsible investing”:

    “One of the bigger holdings in the Sierra Club Balanced Fund is Esteé Lauder, makers of Donald Trump–The Fragrance, available at Bergdorf’s, Saks and Bonwit Teller. Sierra Club members can do more for the Republican Party than buy a mega-capitalist’s aftershave. The Sierra Club Fund holds shares in the Outback Steakhouse. Putting aside the questions of where Outback gets its beef, how it is raised (public lands?), if it contains hormones, or if Outback’s subsidiary chain Cheeseburgers in Paradise isn’t your idea of socially responsible investment, it is good to know that of the $500,000 Outback donated last year to politicians, 98 percent of it went to Republicans.”

    http://www.alternet.org/story/21888/the_truth_about_ethical_investing

    The whole issue of “ethical investing” or “socially responsible investing” seems full of problems, related to the P3 issue and the P3s known as private non-profits which perform quasi government functions and otherwise fill the void left behind as a result of neolib efforts from Reagan right through the Clinton years which will now escalate in this age of Trump.

    Think about that 5% minumum disbursement in relation to how all the big non-profits are benefiting from the bump in the stock market because of Trump. The stock market is up almost 10 percent. Think of how perverse the relationship is. think about their endowments increasing with the 5% they have left over. Think of all the need for them Trump will create.

    Not only has Goldman-Sachs alumni Steve Bannon been appointed to the Trump administration, so has former Goldman partner, Steve Mnuchin, who was a former employee of George Soros, and also a partner with Soros in what has been described by NPR as the foreclosure factory known as IndyMac/One West Bank. Typical of such news sources, NPR leaves out mention of the inconvenient “social activist” behind so many organizations from the CAP to MoveOn.org.

    There is just something about me that just doesn’t trust billionaires to move the world forward.

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